Lake Winn Receives Results from Drone Based Magnetic Survey
Lake Winn Resources Corp. (“Lake Winn” or the “Company”) ( TSXV:LWR ) ( OTC:EQTXF ) is pleased to announce that it has received the final data from the drone based airborne magnetic survey regarding the Cloud project in the Flin Flon gold belt, Manitoba.
The survey was flown by Stratus Aeronautics Inc. based out of Burnaby BC. The survey was flown at 50m line spacings on a north-south grid. The work is designed to assist in the understanding of the geology of the Cloud project.
The magnetic data has immediately shown to map the mafic meta-volcanics that host 320m by 50m Bachnick gold zone and also demonstrates that this geology continues to the west under cover for an additional 1km. This unit, a “greenstone” is thought to host the gold mineralization and this will be the prime target for drill testing which commences next week. The parallel and adjacent IP and Resistivity anomalies will also be tested by drilling. Figure 1 depicts this data. Interpretation of the magnetic data will continue with a focusing on mapping structures.
Click Image To View Full Size
Figure 1: Airborne total magnetic intensity image of the Cloud Project
Qualified Person
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in mineral exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based gold company, listed on the TSX Venture Exchange (Symbol: LWR) focusing on exploration and development of gold projects in Canada. The company’s flagship property, the Cloud Project is in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers north‐east of the town of Flin‐Flon. Access to the property is provided by Manitoba highway 10 to the all‐weather Kississing Lake Road. The company is currently preparing for diamond drilling.
On Behalf of the Board of Directors of Lake Winn Resources Corp.
Patrick Power, President & CEO
+1 (604) 218-8772
- Published in Lake Winn Resources, Mining, News Home
Lake Winn Awards Drilling Contract for the Cloud Gold Project Manitoba
Lake Winn Resources Corp. (“Lake Winn” or the “Company”) ( TSXV:LWR ) ( OTC:EQTXF ) is pleased to announce that it has awarded Rodren Drilling Ltd of St Paul, Manitoba the drilling contract for our Cloud project in the Flin Flon gold belt.
The rig will mobilize on December 7 th for a 1500m drill program with provision to expand to at least 3000m.
The project will be under the direct supervision of Carey Galeschuck P. Geo in Manitoba.
The drill target is a orogenic gold type target hosted in paleo-proterozic mafic volcanics in a similar setting to that found at the Tartan gold mine 14km to the east of the Cloud project.
A 320m by 50m zone of metamorphosed mafic volcanics, returned numerous high grade gold values when exposed by pitting in 1990. These results are shown in the accompanying figure 1. The results were later confirmed by check sampling that also returned high gold values. Visible gold was also noted. These predominately grab samples do not demonstrate economic viability as they are not representative, but they do show the zone to be mineralized. Silver also showed anomalous values. We are calling this zone the Bachnick Gold zone named after the prospector the carried out the work.
Click Image To View Full Size
Figure 1: Bachnick gold prospect, showing historic samples with gold results.
The Bachnick zone is nestled within a resistivity anomaly and lies to the north of a prominent IP anomaly. These will all be targeted in the upcoming drill campaign about to commence. The IP and Resistivity anomalies continue, slightly displaced by faulting for 1300m along strike and these extensions will also be drilled should the first test holes prove encouraging.
Qualified Person
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in mineral exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based gold company, listed on the TSX Venture Exchange (Symbol: LWR) focusing on exploration and development of gold projects in Canada. The company’s flagship property, the Cloud Project is in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers north-east of the town of Flin-Flon. Access to the property is provided by Manitoba highway 10 to the all-weather Kississing Lake Road. The company is currently preparing for diamond drilling.
On Behalf of the Board of Directors of Lake Winn Resources Corp.
Patrick Power, President & CEO
+1 (604) 218-8772
- Published in Lake Winn Resources, Mining, News Home
Secret Pass IP-Res Interpretation
Northern Lights Resources Corp. (CSE:NLR)(the “Company” or “Northern Lights”) is pleased to announce an update to exploration work at the Company’s 100% owned Secret Pass Gold Project (“Secret Pass” of the “Project”) located in Mohave County, northwestern Arizona.
Northern Lights has completed a reinterpretation and review of Induced Polarization (IP) and Resistivity survey data that was initially collected by Santa Fe Mining in 1992. The results complement the magnetic survey and fieldwork that Northern Lights has completed on the property to date, which has resulted in the generation of over 20 targets in previously unexplored areas on the Secret Pass property.
The primary objective of the survey was to determine if IP and Resistivity were effective in detecting the silica-clay-pyrite alteration associated with gold mineralization observed at the Tin Cup and FM prospects. The results highlight the importance of the Frisco Mine Fault (FMF) as a geological control for the gold mineralization at Secret Pass.
With reference to Figure 1, five small Gradient Array grids were completed and a single Dipole-Dipole profile located in proximity to the FMF and in areas exhibiting strong surface alteration and mineralization. The reinterpretation of the geophysical data demonstrates that the Secret Pass gold mineralization exhibits a positive coincident IP and Resistivity response. The geophysical study was undertaken by Steven McMullan, an experienced geophysical consultant that wrote the Secret Pass aeromagnetic report for NLR in August of 2020. (see https://www.northernlightsresources.com/site/assets/files/4976/nlr_new_release_-_secret_pass_-_airborne_geophysics.pdf)
The study completed by Northern Lights involved the digitization of historical geophysical IP and Resistivity data, geo-referencing the survey grids, and undertaking 2D inversion of the data.
Figure 1: Secret Pass Historical IP-Resistivity Survey Grids and Geology
To view an enhanced image click the following link: https://storage.googleapis.com/accesswire/media/618858/NORTHERNLIGHTS-FIGURE120120.jpg
Reinterpretation Summary
The important observations and conclusions for each grid and Dipole-Dipole profile are summarized below.
F2 Grid
- Moderate strength IP anomaly likely represents sulphide mineralization, and the resistivity high map represents silicification.
F5 Grid
- Collinear bands of high IP and Resistivity fit the conceptual model response of quartz veins/silicification (high resistivity) and sulphides associated with gold mineralization (high IP response).
F4+F4B Grid
- The irregular IP anomaly on the north side of the grid likely represents the intersection of structures/dykes.
FM Grid
- Multiple high IP anomalies in the footwall of the FMF may be related sulphide mineralization similar to Tin Cup and have not been drill tested.
TC (Tin Cup) Grid
- The high IP anomaly in the northwest corner of the grid has not been tested.
- FMF interpreted from 2020 aeromagnetic survey passes through the centre of the grid, which places high IP and high Resistivity (indicative of both sulphides and silicification) in the hangwall of the FMF.
TC (Tin Cup) Dipole-Dipole Profile
- Two structures are evident, i) east structure steeply west-dipping with low Resistivity and no correlating IP response, ii) central structure manifested by sub-vertical Resistivity high that is indicative of silicification and quartz veining and is coincident with a high IP response that continues into hangingwall. The IP anomaly is indicative of sulphides associated with mineralization developed in the FMF.
Discussion
Although the IP survey grids were limited in size, their location was optimal for studying the geophysical characteristics of the Secret Pass gold mineralization and its relationship with the Frisco Mine Fault system.
A single Dipole-Dipole line transected the main zone of mineralization at Tin Cup that was extensively drilled. With reference to the Dipole-Dipole profile in Figure 1, the 0.2 g/t gold grade shell is associated a strong IP response that has not to be closed off by drilling to the west. The IP response is related disseminated pyrite that is associated with strong silica-clay-carbonate alteration. The sub-vertical Resistivity high is indicative of silicification and quartz veining, which was commonly observed in the drill holes.
In conclusion, the IP-Resistivity technique is effective in mapping the style of gold mineralization observed at Secret Pass. Based on the results from this study, Northern Lights plans to conduct additional IP-Resistivity surveying in areas that display strong alteration and are proximal to the Frisco Mine Fault.
The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada, where Northern Lights, in joint venture with Reyna Silver is earning 100% ownership.
Northern Lights Resources trades under the ticker of “NLR” on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
- Published in Mining, News Home, Northern Lights Resources
Lake Winn Receives Exploration Permits & Stakes Additional Mineral Claims
Lake Winn Resources Corp. (“Lake Winn” or the “Company”) (TSSV:LWR) (OTC:EQTXF) is pleased to announce that it has received all work permits for the Cloud Project, near Flin Flon, Manitoba. The permit allows for exploration activities, including drilling, trenching, and geophysical line cutting.
On the strength of receiving the permits the company immediately began organizing a drill program which will commence as soon as possible.
Lake Winn elected to increase its land holdings in the area by staking total of 6 additional claims, the total area of the Cloud project is now 1469 hectares (14.69 km 2 ), more than tripling the size of the original holdings.
As well as securing a comfortable area for mine development should our exploration efforts prove successful the new staking includes historic drill holes that included gold intercepts and extensions of the same geology hosting the gold zone.
Qualified Person
The Qualified Person for this news release is Buddy Doyle, AUSIMM, a Geologist of over 30 years’ experience in mineral exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based gold company, listed on the TSX Venture Exchange (Symbol: LWR) focusing on exploration and development of gold projects in Canada. The company’s flagship property, the Cloud Project is in the province of Manitoba, in the Flin Flon Area approximately 40 kilometers north – east of the town of Flin – Flon. Access to the property is provided by Manitoba highway 10 to the all – weather Kississing Lake Road. The company is currently preparing for diamond drilling.
On Behalf of the Board of Directors of
Lake Winn Resources Corp
Patrick Power, President & CEO
+1 (604) 218-8772
- Published in Lake Winn Resources, Mining, News Home
Sirona Biochem Releases CEO Letter to Shareholders
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) (“Sirona”) is pleased to provide an update from the Company’s CEO, Dr. Howard Verrico.
Dear Shareholders,
This year, we decided to provide our investor community with a FAQ format as an update on some of the progress and activities currently underway at Sirona.
Q: Will we have any news before the end of 2020?
Sirona’s projected milestones will occur within the next 7 months. As per our Investor PowerPoint, we have provided a list of items we feel are within our control and our goal remains to announce them within that timeframe. Estimating timelines is difficult for two reasons. One is that many of our milestones rely on partner organizations and we cannot control their progress or what they choose to make public, and two, research and development can often take unexpected pathways. There are times when we need to switch strategies based on results and/or resources available, but our decisions are always in the best interest of increasing shareholder value. While we do our best to estimate project outcomes and timelines, they are based on variable factors and can change without notice.
Q: In your interview with Smallcap-Investor, you said there would be news in early 2020 from Wanbang. Is this still expected?
The Wanbang trial was delayed due to COVID-19 early in the pandemic. The delay was relatively brief as the infections were quickly brought under control, but it did have an impact on the timing of the studies. Wanbang have restarted and we have been informed that the trial is currently meeting expectations of efficacy and safety. Wanbang is in full control of publicly released information on their trials and advancement of the SGLT2 inhibitor. When they choose to announce, we will immediately inform our investors. If they reach a milestone which triggers a payment to Sirona, then Sirona can issue an independent release as required by stock exchange rules. Consultation with Wanbang would always be part of the process as we maintain our excellent working relationship.
Q: What is happening with the Huaxi deal?
We have been actively performing due diligence on Huaxi with the assistance of Sirona’s consultants on the ground in China. We have found that Huaxi has experienced internal delays so, in parallel, we have decided to talk to other potential partners in China. Over the past month, we have executed several confidentiality agreements and begun introductory meetings as well as due diligence. Huaxi may still proceed or the company may become a participant in a larger group. The interest in Sirona and TFC-1067 remains high. We must spend the time and effort to secure the right partner. China is too important to make a strategic misstep with a partner in an effort to rush the product to market. We will secure the right group or groups to move this forward.
Q: What is happening with the Tinyi deal? Will they still be our distribution partner in China?
Tinyi is still expecting to be a distribution partner for TFC-1067 in China. They are also potentially looking to be part of a larger transaction. As in the above response, Sirona is ideally looking for an integrated team based in China to manage all aspects of commercialization. We are actively moving toward this plan with the due diligence of several competent partner groups. This will maximize our growth potential and free up resources to expand into other countries. This aligns with Sirona’s business model to partner and licence our technology with leading industry companies that have established abilities in all aspects of commercialization including manufacturing, regulatory, distribution and sales in local markets around the world. Sirona will grow by doing what it does best, innovation of new cosmetic and therapeutic agents using its proven platform technology.
Q: How long will it take to get CFDA approval for TFC-1067?
We anticipate updates on this issue as regulations are undergoing a major reform. This is something we are planning for our partner to manage but are also actively talking to leading experts on the regulatory landscape.
Q: Why is the Rodan + Fields launch taking so long?
Rodan + Fields spend a great deal of time preparing the introduction of their products and regimes. They are strong advocates of good science and take the necessary time to complete compound studies, formulations, and appropriate marketing analyses. The launch date for TFC-1067 was established early in the program and R+F have not altered that date. We have been informed last week that they are still on track for the scheduled launch. Our established manufacturing will ensure that enough product will be produced to meet the demand for TFC-1067 without delays.
Q: Is the antiviral program on hold?
The antiviral program is not formally on hold, but resources have been temporarily shifted to the anti-aging program as the team in France works on testing various compounds in the library. We have had good results that require further investigation and we felt that shifting the strategy to this program made sense for now. We are actively seeking partnerships while we confirm results. We have new anti-aging compounds which we believe are even more commercially promising both in ease of manufacturing as well as effectiveness. Testing of these new compounds became a priority to secure the patents.
Q: Has COVID-19 had an impact on deal progress?
Yes. COVID-19 has not impacted our ability to work internally but has impacted the ability of our team to travel. Much of our business in China traditionally relies on face-to-face meetings that simply cannot take place so we have adapted. Fortunately, we do have consultants in China who are able to progress our business development. We will resume travel as soon as possible but will not delay business development in the meantime.
Q: What is happening with the diabetic therapy for animals?
Our partner completed extensive due diligence that went beyond the initially set timeline. They have reported to us they are at the very final stages of that process and will be moving to the next level of engagement. We expect an update on this project soon, however, we caution that due to holidays, we cannot be certain that news will be released prior to year-end.
Q: Is Sirona going to improve investor communications?
We are actively working to improve communications. This FAQ sheet is part of that process. You will see more changes over the next few months as we work to keep our shareholders informed of our latest developments. This includes a stronger social media presence and quarterly shareholder updates.
Best Regards,
Dr. Howard Verrico
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
- Published in News Home, Sirona Biochem
Lake Winn Resources Corp. announces Receipt of TSX Venture Exchange Approval in respect of Blueberry Lake Property Acquisition
Lake Winn Resources Corp. ( TSXV:LWR ) , ( Frankfurt:EEI ) , ( OTC:EQTXF ), (the ” Company ” or ” Lake Winn “), is pleased to announce that further to its news release dated September 16, 2020, the Company has received final approval of the TSX Venture Exchange (the ” TSXV “) in respect of the proposed acquisition of the Blueberry property (the ” Property “) from W.S. Ferreira Ltd. (the ” Vendor “) which is located near Blueberry Lake, Manitoba (the ” Transaction “).
The Property is being acquired in consideration of: (i) the issuance of 2,000,000 common shares of Lake Winn to the Vendor, (ii) a cash payment to the Vendor in the amount of $265,000 and (iii) the issuance to the Vendor of a net smelter royalty of 2% on production generated on the Property which may be purchased by Lake Winn for a total cash payment to the Vendor in the amount of $1,000,000.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company has agreed to pay a certain eligible third party an aggregate cash finder’s fee in the amount of $47,625 in connection with the Transaction.
All securities issued in connection with the Transaction will be subject a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation.
For further information contact :
Patrick Power
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
- Published in Lake Winn Resources, Mining, News Home
Canada Silver Closes $4.9M Flow-Through Private Placement
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that the Company has closed a non-brokered private placement by way of issuing 4,288,778 flow-through units (“FT Units”) at a price of $0.63 per FT Unit raising gross proceeds of $2,701,930. The Company will also be issuing 3,308,824 Quebec FT Units at a price of $0.68 per QFT Unit raising gross proceeds $2,250,000. The Company is raising in total $4,951,930.
Each FT and QFT Unit is comprised of one flow-through common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.80 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
The Company has paid Finder fees in the amount of $129,304 and issued 198,533 finder warrants in connection with the FT and QFT private placement. The finder’s warrants are on the same terms as the financing warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four–month and a day hold period expiring on March 26, 2020 in accordance with applicable Canadian Securities Laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp. In May 2020. A total of 7.56 million ounces of silver in Inferred resources comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of approximately 400 meters. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020).
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2020/26/c4604.html
- Published in Canada Cobalt Works, Mining, News Home
Lake Winn Resources Corp. Announces Closing of Private Placements and Shares for Debt Settlement
Lake Winn Resources Corp. ( TSXV:LWR ) ( Frankfurt:EEI ) ( OTC:EQTXF ), (the ” Company ” or ” Lake Winn “), is pleased to announce that further to its news releases dated September 16, 2020 and September 30, 2020, the Company has closed the non-brokered private placement Equity Offerings for aggregate proceeds of $2,750,000 and a Shares for Debt Transaction as follows:
Closing of Equity Offerings
The Company is pleased to announce the closing of a non-brokered private placement of approximately $1,250,000 in flow-through units (the ” FT Units “) of the Company (the ” FT Unit Offering “) at a subscription price of $0.10 per FT Unit. Each FT Unit consisted of one common share of the Company (a ” FT Unit Share “) and one-half of one common share purchase warrant (each whole warrant a ” FT Unit Warrant “), with each FT Unit Warrant entitling the holder thereof to acquire one common share of the Company (a ” FT Unit Warrant Share “) at a price of $0.30 for a period of two (2) years following the closing of the FT Unit Offering.
The gross proceeds from the FT Unit Offering will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow – through mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the ” Qualifying Expenditures “) related to the Company’s projects in Manitoba. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Unit Shares effective December 31, 2020.
The Company is also pleased to announce the closing of an additional two non-brokered private placements of approximately $1,500,000 in units (the ” Units “) of the Company (collectively, the ” Unit Offerings “).
The first Unit Offering was closed at a subscription price of $0.10 per Unit for gross aggregate proceeds of $665,000. Each Unit in the first non-flow-through offering consisted of one common share of the Company and one common share purchase warrant. Each warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.20 for a period of two (2) years following the closing of the first non-flow-through offering.
The second Unit Offering was closed at a subscription price of $0.12 per Unit for gross aggregate proceeds of $835,000. Each Unit in the second non-flow-through offering consisted of one common share of the Company and one common share purchase warrant. Each warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.16 for a period of three (3) years following the closing of the second non-flow-through offering.
Certain Directors and Officers of the Company participated in the private placement and acquired direction and control over an aggregate 1,875,001 Non-Flow-Through Units at a subscription price of $0.12 per Unit. Each such placement to those persons constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (” MI 61-101 “). The issuance is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units issued to or the consideration paid by such insider did not exceed 25% of the Company’s market capitalization.
In connection with the closing of the equity offerings, the Company paid aggregate cash commissions of $80,507.60 to certain arm’s-length finders, representing 6% of the gross proceeds raised on the sale of the FT Units and Unit Offerings placed by such finder within the amount permitted by the policies of the TSX Venture Exchange (the ” Exchange “).
In addition, in connection with the closing of the equity offerings, the Company issued an aggregate 802,980 non-transferable finders’ warrants (the ” Finder’s Warrants “) to certain eligible finders (the ” Finder’s Warrants “), each Finder’s Warrant will entitle the holder thereof to purchase additional common shares in the capital of the Company (a ” Finder’s Warrant Share “) on the same terms as the respective warrants issued pursuant to the Equity Offerings based on 6% of the gross proceeds raised on the sale of the FT Units and Unit Offerings placed by such finder.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on March 20, 2021 in accordance with applicable securities legislation.
Shares for Debt
Lastly, the Company reports that it has issued 2,043,217 common shares of Lake Winn (the ” Debt Settlement Shares “) for the settlement of up to $245,186 of trade payables (the ” Debt Settlement “). Pursuant to the Debt Settlement, the Debt Settlement Shares were issued at a deemed price of $0.12 per Share to certain creditors of the Company (the ” Creditors “).
Debt settled by insiders of the Company accounted for 659,375 Debt Settlement Shares representing approximately $79,125 of the Debt Settlement. Such participation constituted a “related party transaction” within Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (” MI 61-101 “). The issuance to the insiders is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the shares issued, or the consideration paid by such person, did not exceed 25% of the Company’s market capitalization.
The Debt Settlement Shares issued will be subject to a four month hold period which will expire on March 20, 2021.
The Company also granted 2,900,000 options at $0.23 for a period of 5 years to directors, officers and consultants.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact :
Patrick Power
CEO and Director
Lakewinn Resources Corp.
Telephone: (604) 218-8772
- Published in Lake Winn Resources, Mining, News Home
Newlox Gold Resumes Gold Production
Figure 1. The Enhanced Processing Plant
Vancouver, BC – TheNewswire – 13 November 2020 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX ) (CNSX: LUX .CN) ( Frankfurt: NGO ) is pleased to announce that it has resumed gold production following the unavoidable Covid-19 suspension of operations at its environmental remediation and gold production facility in Costa Rica.
Management utilized the temporary interruption to upgrade the Company’s production circuit and is pleased to report that the enhanced facility is operational.
The Plant has a rated capacity of 80 tonnes per day of material grading +9 grams per tonne gold with an anticipated gold recovery of approximately 90%.
A Message from Ryan Jackson, President & CEO:
“We are excited to resume gold production at the first processing plant and have set a goal to achieve full production within the first half of 2021. Newlox Gold has also started development work on Plant 2, located at its recently announced Boston Project.
Management looks forward to producing at Plant 2 shortly after Plant 1 achieves rated capacity. Additionally, Newlox Gold has multiple expansion projects under due-diligence, and we expect to announce our third project early next year.”
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: +1 778 738 0546
Register for Newlox’s Weekly New Investor Conference Call
- Published in Mining, Newlox Gold, News Home